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In December, 2010 President Obama signed into law the tax bill which extends many of the Bush-Era federal income tax cuts and the Pension Protection Act of 2006. This law has extended the provision that allows some people to make qualified charitable distributions from their IRAs.
On December 17, 2010, President Obama signed the tax bill into law after months of negotiations, and to our benefit, this law will be in effect for the next two years. Enactment of this tax law confirms that individuals at all income levels won’t face an automatic hike in taxes beginning in January 2011. There are several areas to talk about and some key points to consider now that the holiday season is over and tax season is upon us.